Liquidation process begins for Zilingo
Zilingo is now undergoing liquidation proceedings, led by provisional liquidator EY Corporate Services PSE. The business-to-business fashion start up’s liquidation is being supervised by its creditors Varde Partners and Indies Capital Partners.
This January, Zilingo handed over its tech assets and nCinga Innovations to Buyogo AG, Indian Retailer Bureau reported. The business’ liquidation was triggered this January by its creditors Varde Partners and Indies Capital Partners.
Dhruv Kapoor and Ankiti Bose launched Zilingo in 2015 as a business-to-business fashion start up to offer end-to-end manufacturing, logistical, and technological solutions for international clothing businesses including manufacturers, distributors, retailers, and wholesalers among others. The founders had numerous disputes, which the liquidation process is uncovering.
Singapore-based, Indian run Zilingo had made headlines when it became a unicorn in December, 2019, when its valuation crossed the $1 billion mark. However, swift international expansion into countries including the US and Australia caused too great a cash burn, along with other mounting company expenses.
2022 saw numerous controversies for the business. In May last year, Bose was fired from the business for alleged wilful fraud, which she denied. In June, both Bose and Kapoor proposed a shareholder buyout of the business then in September Zilingo came under fire from the Indian government for allegedly forging third-party inspections certificates to distribute millions of sub-standard Chinese KN95 masks during the pandemic.
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